ALLENDALE, N.J. — Locally based developer The Hampshire Cos. will build a 70-unit multifamily project at 220 W. Crescent St. in the Northern New Jersey community of Allendale. Designed by DMR Architects, the complex will offer one- and two-bedroom units, with nine residences subject to income restrictions. Amenities will include a clubroom, lounge and an outdoor courtyard. Construction is slated for a second-quarter 2024 completion.
WILMINGTON, DEL. — Largo Capital, a commercial finance and advisory firm based in upstate New York, has arranged a $10 million loan for the refinancing of a multifamily portfolio in Wilmington. The portfolio consists of 230 units across 49 buildings and was 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The borrower and direct lender were not disclosed.
RYE BROOK, N.Y. — Kyndryl Inc., a provider of IT infrastructure services, has signed a five-year, 26,212-square-foot office lease at 2 International Drive in Rye Brook, located north of Manhattan in Westchester County. The tenant, which was formerly part of IBM, has moved in to its space on the second floor. Patrick Murphy, Winston Schromm and Kevin McCarthy of Cushman & Wakefield represented Kyndryl Inc. in the lease negotiations. Peter Duncan and Dana Pike internally represented the landlord, George Comfort & Sons.
BRANCHBURG, N.J. — Locally based developer Walters is nearing completion of Cornerstone at Branchburg, a 150-unit, income-restricted multifamily property in Northern New Jersey. The development consists of two three-story buildings on an 11.7-acre site. Residences come in one- and two-bedroom floor plans and range in size from 700 to 900 square feet. Amenities include a fitness center, game room and outdoor grilling and dining areas. Construction began in May 2021. The first move-ins are underway, and full completion is scheduled for the spring.
BOSTON — A partnership between Boston-based developer RISE and San Francisco-based DivcoWest has broken ground on The Ellery, a 70-unit apartment complex that will be located in the state capital’s West Roxbury neighborhood. The four-story building will house one- and two-bedroom units, nine of which will be reserved for households earning 70 percent or less of the area median income. The partnership acquired the site last summer and subsequently completed demolitions of existing structures. Full completion is slated for May 2024.
ELIZABETH, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the sale of a 45,000-square-foot office and retail building in the Northern New Jersey community of Elizabeth. The six-story building at 1139 E. Jersey St. was originally constructed in the 1920s as an apartment complex. Today, the building houses 84 micro offices and retail space that is leased to five tenants. Stephen Tragash of Gebroe-Hammer represented the seller, Edron Realty, in the transaction and procured an undisclosed private investor as the buyer.
NEW YORK CITY — Ann Sacks, a provider of tile, mosaic and stone products, will open a 20,000-square-foot studio and showroom in Queens. The retailer plans to debut its new space at The Cardinal Building, which is located in the Long Island City area, in about six months. James Ferrigno of JLL represented the landlord, a partnership between Kaufman Organization and True North, in the lease negotiations. Tyler Clutts of Cresa represented Ann Sacks.
NEW YORK CITY — Law firm Polsinelli PC has signed a 13,129-square-foot office lease expansion at 600 Third Avenue, a 575,254-square-foot building in Manhattan. The tenant, which also extended its lease by 10 years to run through 2036, now occupies 52,516 square feet across the entire 33rd, 40th, 41st and 42nd floors. David Berkey internally represented the landlord, L&L Holding Co., in the lease negotiations. Kevin McLennan, Ian Murphy and Silvio Petriello of CBRE represented Polsinelli PC.
MARLTON, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The View at Marlton, a 91,000-square-foot shopping center in Southern New Jersey. The sales price was $36.5 million. LA Fitness anchors the center, which was originally built in 2017 and was 98 percent leased at the time of sale. Other tenants include Truist Financial Corp., Restore Cryotherapy and Smoothie King. Brad Nathanson of IPA represented the seller, a partnership between Philadelphia-based firms Abrams Realty & Development and Lazgor Co., in the transaction. Nathanson also procured the buyer, Paramount Realty Services, which acquired the asset via a 1031 exchange.
CAMBRIDGE, MASS. — Locally based firm Nauset Construction is underway on the renovation of a 90,000-square-foot data center that is located across the Charles River from Boston in Cambridge. The project represents the third phase of capital improvements at the property at 300 Bent St. Upgrades will include the demolition and excavation of the existing lobby, the revamping of mechanical and utility systems and the addition of another 8,000 square feet of tenant space. Khalsa Design is the project architect. Construction is anticipated to be complete this fall. CEM Realty Trust owns the property.
